Team

Team, Inc. engages in the provision of digitally-enabled asset performance assurance and optimization solutions. It operates through the following segments: Inspection and Heat Treating (IHT), Mechanical Services (MS), and Quest Integrity. The Inspection and Heat Treating segment offers conventional and advanced non-destructive testing (NDT) heat treating and thermal services, tank management, and pipeline integrity solutions, as well as associated engineering and condition assessment services. The Mechanical Services segment covers machining, bolting, and vapor barrier weld testing, hot tap and line intervention, valve management solutions, and emission control services. The Quest Integrity segment focuses on integrity and reliability management solutions for the process, pipeline, and power sectors. The company was founded in 1973 and is headquartered in Sugar Land, TX.

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Team Inc. reports robust Q2 results, eyes sustained growth ahead

Team Inc.'s Q2 2024 performance reflects a positive trajectory with significant improvements in key financial metrics and operational efficiency.
The company's strategic roadmap implementation and focus on profitability enhancement position it well for sustained growth and increased shareholder value.
While challenges in maintaining growth persist, Team Inc. remains optimistic about its future outlook and opportunities for continued success in the market.

Team, Inc. reports Q3 revenue growth and cost savings

Team, Inc. demonstrated revenue growth and improved EBITDA performance in Q3 2024.
Challenges in Canadian and international operations led to a revised full-year outlook.
Focus on cost management and operational improvements to drive future growth and margins.
Revised guidance sets revenue between $845-860 million and adjusted EBITDA at $53-55 million.

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SUGAR LAND, Texas, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE: TISI) (“TEAM” or the “Company”), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today announced that, as a result of the previously announced reverse stock split of the outstanding shares of the Company's common stock, par value $0.30 per share (the “Common Stock”), at a ratio of one-for-ten (the “Reverse Stock Split”), effective at 5:00 p.m. Eastern Time on December 21, 2022, proportionate adjustments were made to the number of shares of Common Stock issuable upon exercise or conversion of the Company's outstanding warrants, equity awards and convertible securities, as well as the applicable exercise prices. Specifically, as a result of the Reverse Stock Split, pursuant to and in accordance with the indenture governing the Company's 5.00% Convertible Senior Notes due 2023 (the “Notes”), effective immediately after the opening of business on December 22, 2022, the conversion rate of the Notes was reduced from 46.0829 shares of Common Stock per $1,000 principal amount of Notes to 4.6083 shares of Common Stock per $1,000 principal amount of Notes.

Team, Inc. Announces Adjustment to Conversion Rate of 5.00% Convertible Senior Notes

SUGAR LAND, TX, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE: TISI) (“TEAM” or the “Company”), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today announced a correction of its prior press releases “Team, Inc. Announces One-For-Ten Reverse Stock Split” issued on December 9, 2022, and its later press release “Team, Inc. Completes One-For-Ten Reverse Stock Split” issued on December 21, 2022.   Each press release incorrectly stated that each stockholder that otherwise would receive fractional shares would receive, in lieu of such fractional shares, cash in an amount determined on the basis of the closing price of the Common Stock on the NYSE on December 21, 2022. However, as approved by the Company's stockholders on November 8, 2022 and consistent with the Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company filed with the Delaware Secretary of State on December 21, 2022, each stockholder that otherwise would receive fractional shares will receive, in lieu of such fractional shares, cash in an amount equal to the proceeds attributable to the sale of such fractional interest following the aggregation and sale by Team's transfer agent of all fractional shares otherwise issuable.

Correction to Press Releases Announcing Team, Inc. One-For-Ten Reverse Stock Split and Completion of One-For-Ten Reverse Stock Split

SUGAR LAND, Texas, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE: TISI) (“TEAM” or the “Company”), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today announced that it has completed the previously announced reverse stock split of the outstanding shares of the Company's common stock, par value $0.30 per share (the “Common Stock”), at a ratio of one-for-ten (the “Reverse Stock Split”), effective at 5:00 p.m. Eastern Time today (the “Effective Time”). The Common Stock will begin trading on a split-adjusted basis at market open on December 22, 2022. Trading in the Common Stock will continue on the New York Stock Exchange (“NYSE”) under the symbol “TISI,” with a new CUSIP number (878155 308).

Team, Inc. Completes One-for-Ten Reverse Stock Split

SUGAR LAND, Texas, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE: TISI) (“TEAM” or the “Company”), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today announced that the Board of Directors of the Company (the “Board”) has approved a reverse stock split of the outstanding shares of the Company's common stock, par value $0.30 per share (the “Common Stock”), at a ratio of one-for-ten (the “Reverse Stock Split”). The Company's shareholders granted authority to the Board to effect the Reverse Stock Split at the Company's Special Meeting of Shareholders held on November 2, 2022, as adjourned to November 8, 2022. The Reverse Stock Split is scheduled to take effect at approximately 5:00 p.m. Eastern Time on December 21, 2022 (the “Effective Time”).

Team, Inc. Announces One-for-Ten Reverse Stock Split

SUGAR LAND, Texas, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Team, Inc.'s (NYSE: TISI) (“TEAM” or the “Company”) Board of Directors (“Board”) has unanimously appointed Keith Tucker as Chief Executive Officer effective as of November 22. Mr. Tucker had been serving as interim Chief Executive Officer since March 2022.

Keith Tucker Appointed as Chief Executive Officer at Team, Inc.

Consolidated Revenue Increased 10% over 3Q 2021 Completes Strategic Sale of Quest Integrity Business to Baker Hughes

Team, Inc. Reports Third Quarter 2022 Results

SUGAR LAND, Texas, Nov. 04, 2022 (GLOBE NEWSWIRE) -- TEAM, INC. (“TEAM” or the “Company”) (NYSE: TISI) today announced that on November 2, 2022 it received written notice from the New York Stock Exchange (“NYSE”) that the Company is not in compliance with the continued listing standards set forth in Rule 802.01C of the NYSE Listed Company Manual that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period (the “Notice”).

TEAM, INC. Receives Continued Listing Notice From NYSE

Scheduled to Reconvene November 8, 2022 at 3:00 p.m. Central Time at Company Headquarters to Vote on Proposal One

Team, Inc. Announces Adjournment of Special Meeting of Shareholders

SUGAR LAND, Texas., Nov. 01, 2022 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE: TISI) (“TEAM” or the “Company”), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, announced today the closing of the previously disclosed sale of its Quest Integrity business to Baker Hughes, an energy technology company that provides solutions to energy and industrial customers worldwide, for approximately $279 million, reflecting certain estimated post-closing adjustments. The net proceeds to the Company (after payment of transaction related expenses and certain other fees) will be approximately $270 million. The Company intends to use approximately $238 million of the proceeds to pay down term debt and to pay certain fees associated with that repayment and related accrued interest, with the remainder reserved for general corporate purposes.

Team, Inc. Completes Sale of Quest Integrity Business

Consolidated revenue increased 5% over 2Q 2021

Team, Inc. Reports Second Quarter 2022 Results

SUGAR LAND, Texas, July 15, 2022 (GLOBE NEWSWIRE) -- TEAM, INC. (“TEAM” or the “Company”) (NYSE: TISI) today announced that on July 13, 2022 it received written notice from the New York Stock Exchange (“NYSE”) that the Company is not in compliance with the continued listing standards set forth in Rule 802.01C of the NYSE Listed Company Manual that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period (the “Notice”).

Team, Inc. Receives Continued Listing Notice From NYSE

SUGAR LAND, Texas , June 17, 2022 /PRNewswire/ -- Team, Inc. (NYSE: TISI) ("TEAM" or the "Company"), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today announced that on June 17, 2022, it received notice (the "Notice") from the New York Stock Exchange (NYSE) that it is no longer in compliance with the NYSE continued listing standards set forth in Section 802.01B of the NYSE's Listed Company Manual due to the fact that the Company's average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its shareholders' equity was less than $50 million. In accordance with NYSE procedures, the Company intends to notify the NYSE that it plans to submit a plan within 45 days of receipt of the Notice advising the NYSE of definitive action it has taken, or is taking, to bring it into compliance with Section 802.01B within 18 months of receipt of the Notice.

TEAM, INC. RECEIVES CONTINUED LISTING STANDARD NOTICE FROM NYSE

Seasoned financial executive joins to help support TEAM's strategic and financial repositioning SUGAR LAND, Texas , June 13, 2022 /PRNewswire/ -- Team, Inc. (NYSE: TISI) ("TEAM" or the "Company"), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today announced that Nelson M. Haight has been appointed as Executive Vice President – Chief Financial Officer, effective June 13, 2022.

TEAM, INC. NAMES NELSON M. HAIGHT AS CHIEF FINANCIAL OFFICER

Consolidated revenue increased 12% over 1Q 2021  Quest Integrity segment delivered 84% growth over 1Q 2021 New capital raise and ABL refinancing in February 2022 SUGAR LAND, Texas , May 10, 2022 /PRNewswire/ -- Team, Inc. (NYSE: TISI) ("TEAM" or the "Company"), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today reported its financial results for the first quarter ended March 31, 2022. First Quarter 2022 Financial and Operational Results: First quarter 2022 revenues were $218.6 million, an increase of 12.3% over the prior year quarter GAAP net loss was $32.5 million, and Consolidated Adjusted EBITDA was positive $0.4 million New capital raise and ABL refinancing in February 2022 to provide sufficient runway for performance improvement and key value creation initiatives, including ongoing strategic review process "I am proud of our team's performance during the first quarter and the improved year-over-year top-line growth in each of our segments.

TEAM, INC. REPORTS FIRST QUARTER 2022 RESULTS

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SUGAR LAND, Texas , April 4, 2022 /PRNewswire/ -- Team, Inc. (NYSE: TISI) ("TEAM" or the "Company"), today announced that on April 1, 2022, it received written notification from the New York Stock Exchange ("NYSE") that it has regained compliance with the NYSE continued listing standards ("Notice"). With this Notice, TEAM has cured the previously disclosed minimum stock price deficiency and is now in compliance with NYSE Rule 802.01C of the NYSE Listed Company Manual that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading–day period.

TEAM, INC. REGAINS COMPLIANCE WITH NYSE CONTINUED LISTING STANDARDS

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SUGAR LAND, Texas, March 17, 2022 /PRNewswire/ -- Team, Inc.'s (NYSE: TISI) ("TEAM" or the "Company"), Board of Directors ("Board") today announced a leadership transition, effective March 21, 2022, including the departure of Amerino Gatti from his positions as Chairman and Chief Executive Officer.  In connection with the leadership transition, the Board of Directors has appointed Keith Tucker, currently the President of TEAM's Inspection and Heat Treating group, to the role of Interim Chief Executive Officer effective the same date.

TEAM, INC. ANNOUNCES LEADERSHIP TRANSITION

Fourth Quarter 2021 Revenue Increased 8% Over Fourth Quarter 2020 IHT Achieved 17% Revenue Growth over 4Q 2020 MS Delivered a 5% Revenue Increase in 4Q 2021 over 4Q 2020 SUGAR LAND, Texas, March 16, 2022 /PRNewswire/ -- Team, Inc. (NYSE: TISI) ("TEAM" or the "Company"), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today reported its financial results for the fourth quarter and full year ended December 31, 2021. Fourth quarter 2021 revenues were $224 million, an increase of 8% over the prior year quarter and a 3% sequential improvement Full year 2021 revenues increased 3% to $875 million, primarily attributable to Nested, Projects & Turnarounds, and International areas Inspection & Heat Treating Segment delivered $105 million in revenue during the fourth quarter 2021, a 17% increase over the prior year period Mechanical Services Segment grew fourth quarter 2021 revenue to $97.9 million, or 5% more than the $93.4 million reported in the fourth quarter of 2020 Entered into a $50 million Subordinated Term Loan that provided runway for the successful comprehensive refinancing of the Company's capital structure in February 2022 The February 2022 refinancing included a new $165 million credit facility, consisting of $130 million revolving facility and $35 million delayed draw term loan, plus $10 million of incremental unsecured funding, and an additional $10 million equity investment "Like many other companies, 2021 challenged us in unprecedented ways," said Amerino Gatti, TEAM's Chairman and Chief Executive Officer.

TEAM, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS

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Team, Inc. (NYSE: TISI) revealed a series of transactions in its effort to refinance capital structure. The company replaced its current $150 million ABL facility dated December 18, 2020, with a new $165 million ABL credit facility.

Team Reveals Debt Refinancing, New Equity Investment

SUGAR LAND, Texas, Feb. 11, 2022 /PRNewswire/ -- Team, Inc. (NYSE: TISI) ("TEAM" or the "Company"), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today announced a series of related transactions in support of a comprehensive plan to refinance its capital structure. Summary of Transactions Replaced current $150 million ABL facility with a new $165 million ABL credit facility, consisting of a $130 million revolving credit facility and a $35 million delayed draw term loan Received a new $10 million equity investment and a commitment for an additional $10 million in unsecured funding "We are pleased to have refinanced our capital structure, achieving one of our near-term capital strengthening priorities," said Amerino Gatti, TEAM's Chairman and Chief Executive Officer.

TEAM, INC. ANNOUNCES SUCCESSFUL DEBT REFINANCING AND ADDITIONAL CAPITAL INVESTMENT

SUGAR LAND, Texas, Feb. 4, 2022 /PRNewswire/ -- TEAM, INC. ("TEAM" or the "Company") (NYSE: TISI) today announced that on February 2, 2022 it received written notice from the New York Stock Exchange ("NYSE") that the Company is not in compliance with the continued listing standards set forth in Rule 802.01C of the NYSE Listed Company Manual that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period (the "Notice").

TEAM, INC. RECEIVES CONTINUED LISTING NOTICE FROM NYSE

SUGAR LAND, Texas, Feb. 2, 2022 /PRNewswire/ -- Preserving long-term stockholder value by adopting a rights plan intended to protect tax assets by reducing the likelihood of an ownership change (1) Rights plan in effect immediately; will be submitted for stockholder ratification at 2022 annual meeting If ratified by stockholders, rights plan intended to remain in effect until February 2, 2025 Team, Inc. ("TEAM" or the "Company") (NYSE: TISI) announced today that its Board of Directors adopted a stockholder rights plan designed to protect the availability of Team's net operating loss carryforwards ("NOLs") and other tax attributes under the Internal Revenue Code ("Section 382 Rights Plan"). As of September 30, 2021, TEAM had approximately $210 million of U.S. federal NOLs that could be available to offset its future federal taxable income.

TEAM, INC. ADOPTS STOCKHOLDER RIGHTS PLAN DESIGNED TO PROTECT THE AVAILABILITY OF ITS NET OPERATING LOSSES

SUGAR LAND, Texas, Nov. 12, 2021 /PRNewswire/ -- TEAM, INC. (NYSE: TISI), a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions, today announced that it intends to issue 5,917,051 warrants at an exercise price of $1.50 per share to certain affiliates of Corre Partners Management, LLC and Atlantic Park Strategic Capital Fund, L.P.

News for Team Stock (TISI)